Crypto custody startup First Digital Trust raises $3M from Telegram investor Nogle

Investments • March 9, 2020, 10:57AM EDT
UPDATED: March 9, 2020, 10:58AM EDT
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First Digital Trust, the crypto custody firm spun out from Hong Kong-based financial custodian Legacy Trust, has raised $3 million in fresh funding.

Telegram investor Nogle Capital provided the capital, Tech in Asia reported Monday. First Digital Trust plans to utilize the funds to launch its “Rapid Settlement and Clearing Network” in May.

The settlement network, first revealed last month, is aimed at transforming “the way digital assets are owned, traded and invested in.” The network is said to initially support fiat and crypto assets, with plans also to accommodate tokenized securities.

Taiwan-based Nogle will help First Digital Trust further develop its platform.

“The unique synergies between our two companies will accelerate our vision of creating a world where people can trade and transact digitized assets freely,” First Digital Trust COO Gunnar Jaerv said.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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